On Holding AG (ONON) 2025 Q3 法說會逐字稿

Good afternoon, and good morning to our investor community. Thank you for joining On 2025 third quarter earnings conference call and webcast. With me today on call are On's Executive Co-Chairman and Co-Founder; Caspar Coppetti; and CEO and CFO, Martin Hoffman.

各位投資人朋友，下午好，早安。感謝您參加 On 2025 第三季財報電話會議和網路直播。今天和我一起參加電話會議的有 On 的執行聯席主席兼聯合創始人 Caspar Coppetti，以及執行長兼財務長 Martin Hoffman。

Before we begin, I will briefly remind everyone that today's call will contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations and beliefs only and are subject to certain risks and uncertainties that could cause actual results to differ materially. Please refer to our annual report on Form 20-F for the 2024 fiscal year filed with the SEC on 4th of March 2025 for a detailed explanation of such risks and uncertainties.

在開始之前，我先簡單提醒大家，今天的電話會議將包含聯邦證券法意義上的前瞻性陳述。這些前瞻性陳述僅反映我們目前的預期和信念，並受到某些風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果有重大差異。有關此類風險和不確定性的詳細說明，請參閱我們於 2025 年 3 月 4 日向美國證券交易委員會提交的 2024 財年 20-F 表格年度報告。

We will further reference certain non-IFRS financial measures such as adjusted EBITDA and adjusted EBITDA margin. These measures are not intended to be considered in isolation or as a substitute for the financial information presented in accordance with IFRS accounting standards. Please refer to today's release for a reconciliation to the most comparable IFRS measures.

我們將進一步參考一些非國際財務報告準則財務指標，例如調整後的 EBITDA 和調整後的 EBITDA 利潤率。這些措施不應被孤立地看待，也不應被視為替代根據國際財務報告準則（IFRS）編制的財務資訊。請參閱今天發布的公告，以了解與最可比較的國際財務報告準則指標的調節情況。

We will begin with Caspar followed by Martin, leading through today's prepared remarks, after which we are looking forward to opening to the call to a Q&A session.

我們將首先由卡斯帕發言，然後是馬丁發言，他們將帶領大家完成今天的發言稿，之後我們期待開放問答環節。

With that, I'm very happy to turn the call over to Caspar.

接下來，我很高興把電話交給卡斯帕。

Thank you, and a very warm welcome, everyone, to our third quarter 2025 earnings call. It is great to be back on this call with all of you and to give you an update on On's global success, which is driven by the exceptional heat around the On brand, our product innovation pipeline and our accelerating profitability.

感謝各位參加我們2025年第三季財報電話會議，熱烈歡迎各位的到來。很高興能再次與大家進行電話會議，並向大家報告 On 的全球成功情況。 On 的成功得益於其品牌的卓越熱度、我們的產品創新管道以及不斷增長的盈利能力。

Today, we're thrilled to share another outstanding quarter for On. Our mission to ignite the human spirit through movement is resonating worldwide and across multiple categories. It is powered by an innovation engine that continues to unlock human potential and create champions on the world's biggest stages. This quarter's performance is the direct result of our premium strategy in action, delivering incredibly strong growth and record profitability.

今天，我們非常興奮地宣布On又一個季度業績斐然。我們透過運動激發人類精神的使命，正在全球範圍內以及多個領域引起共鳴。它由創新引擎驅動，不斷釋放人類潛能，並在世界最大舞台上培養冠軍。本季業績是我們高端策略實施的直接結果，實現了強勁成長和創紀錄的獲利能力。

Net sales in the quarter approached CHF800 million, growing 24.9% year over year on a reported basis and by 34.5% at constant exchange rates. Through our commitment to premiumness, a commitment that runs from our products through our entire value chain and driven by our pursuit of operational excellence. We have also delivered exceptionally strong gross profit and adjusted EBITDA margins.

本季淨銷售額接近 8 億瑞士法郎，以報告匯率計算年增 24.9%，以固定匯率計算年增 34.5%。我們致力於追求卓越品質，這項承諾貫穿我們的產品、整個價值鏈，並由我們追求卓越營運所驅動。我們也實現了非常強勁的毛利率和調整後 EBITDA 利潤率。

Behind the results is a story of global momentum, how constant innovation, community building and culture relevance are coming together to elevate the On brand as the benchmark for performance and design in premium Sportswear. This success is exceptionally broad-based with significant growth contributions from across our portfolio, in performance and lifestyle footwear and apparel, proving the global appeal of our brand.

這項成果背後蘊藏著全球發展勢頭的故事，不斷創新、社區建設和文化相關性如何共同提升 On 品牌，使其成為高端運動服裝性能和設計的標竿。這項成功基礎非常廣泛，我們旗下所有產品組合，包括高性能和時尚鞋服，都做出了顯著的成長貢獻，證明了我們品牌的全球吸引力。

The spirit of On was everywhere this quarter. from the crowd lining up for the openings of our new stores in Tokyo, Palo Alto or Zurich to the thousands of people who came to see how LightSpray products are manufactured during Berlin Marathon. To athletes winning major titles across our entire portfolio of sports from track and field to trail running to triathlon and tennis, On strongly connected with audiences around the world. Of nowhere was this connection and energy fell more strongly than in Asia Pacific, our fastest-growing reach. The momentum there is extraordinary, was the fourth consecutive quarter of triple-digit constant currency growth.

本季度，On 的精神無處不在。從東京、帕洛阿爾託或蘇黎世新店開業時排起的長隊，到柏林馬拉松期間前來參觀 LightSpray 產品生產過程的數千人，都體現了這一點。從田徑到越野跑，再到鐵人三項和網球，On 為在我們所有運動項目中贏得重大冠軍的運動員與世界各地的觀眾建立了緊密的聯繫。這種連結和能量在亞太地區體現得特別強烈，而亞太地區也是我們成長最快的地區。該地區的成長勢頭非常強勁，已連續第四個季度實現三位數的固定匯率成長。

In September, Tokyo became our showcase as the city hosted this year's World Athletics championships. On's new Ginza store is one of the crown tools in our retail collection and the world cams provides the perfect opportunity to Express On's innovation and ambition. [Georgi Bemis], Ditashi Kambucci and Bella [Vitiker] claimed On's first-ever track and field gold medals. These successes matter. Consumers are increasingly watching how brands perform in competition. And On is exceptionally well positioned.

9 月，東京成為我們的展示舞台，因為這座城市舉辦了今年的世界田徑錦標賽。On 位於銀座的新店是我們零售系列中的一顆璀璨明珠，而世界級賽事則為展現 On 的創新精神和雄心壯志提供了絕佳契機。 [Georgi Bemis]、Ditashi Kambucci 和 Bella [Vitiker] 為 On 贏得了首枚田徑金牌。這些成功至關重要。消費者越來越重視品牌在競爭中的表現。而On的地理位置極為優越。

The On proof point for our advanced footwear technologies came 10 days ago when [Helber] -- won the New York City Marathon against the stacked field of Olympic and world chains. Breaking the 22-year-old course record by almost three minutes. We're incredibly proud that she chose to race in the Cloudboom Strike LightSpray. This win clearly demonstrates that our newest technology is being trusted and adopted by the world's best athletes in the most iconic races. Pictures like these define what we mean by athletes-first versus innovation.

10 天前，[Helber] 在紐約馬拉鬆比賽中擊敗了眾多奧運和世界級名將，證明了我們先進的鞋類技術的實力。打破了維持了22年的賽道紀錄，成績提高了近3分鐘。我們非常自豪她選擇參加 Cloudboom Strike LightSpray 比賽。這次勝利清楚地表明，我們最新的技術正在被世界頂級運動員在最具標誌性的比賽中信賴和採用。這些圖片詮釋了我們所謂的「運動員至上」與「創新」之間的差異。

Our strategy is clear. Technology is proven at the highest level of competition and then refined to deliver the best experience for every type of run. This elite credibility flows directly to our core performance running franchises, Cloudsurfer, Cloudmonster and Cloudrunner. These are the engines that have won millions of fans and driven our significant sustained growth in the run category.

我們的策略很明確。該技術在最高級別的比賽中得到驗證，然後不斷改進，為每種類型的跑步提供最佳體驗。這種精英級的信譽直接體現在我們核心高效能跑步系列產品 Cloudsurfer、Cloudmonster 和 Cloudrunner 上。正是這些引擎贏得了數百萬粉絲，並推動了我們在跑步類別中持續顯著的成長。

2025 has been a testament to this strategy. We successfully reenergized the Cloudsurfer franchise. First was the Cloudsurfer two in the spray and now with the new Cloudsurfer Max this summer. The commercial momentum is immediate and clear. The newly launched Cloudsurfer Max ranked among the top five selling models with key run specialty partners in its very first month.

2025 年證明了這項策略的正確性。我們成功地重振了 Cloudsurfer 品牌。首先是 Cloudsurfer 2 噴水版，現在今年夏天又推出了新款 Cloudsurfer Max。商業勢頭立竿見影，十分明顯。新推出的 Cloudsurfer Max 在上市首月就躋身主要跑步用品專業合作夥伴銷售前五名。

This sets the stage for 2026. We are already seeing a strong order book for the new Cloudrunner three and Cloudmonster three, launching in Q1, while Fall/Winter '26, we'll see the launch of the new -- Max showcasing a significant lead in engineering and foam innovations.

這為2026年奠定了基礎。我們已經看到新款 Cloudrunner 3 和 Cloudmonster 3 的訂單量很大，這兩款產品將於第一季度上市；而到了 2026 年秋冬季，我們將看到新款 Max 的上市，這款產品在工程和泡沫創新方面展現出顯著的領先優勢。

And on top of that, on most groundbreaking technology, LightSpray will help redefine the category and elevate our entire running assortment. In Spring/Summer '26, we will bring this championship level technology to everyday runners for the first time with the LightSpray Cloudmonster Hyper. This is our innovation process in action, continuously and obsessively making the best possible products that push the limits of performance.

除此之外，LightSpray 在大多數突破性技術方面，將有助於重新定義該類別，並提升我們整個跑步產品系列。2026 年春夏，我們將首次把這項冠軍級技術帶給普通跑者，推出 LightSpray Cloudmonster Hyper。這就是我們的創新過程，我們不斷、執著地打造出性能突破極限的最佳產品。

Of course, On's mission goes far beyond running. We are witnessing a unique moment where performance and innovation are key drivers for fashion and the cultural side guys. On is uniquely positioned to both drive and benefit from this trend. This quarter, our collaboration with Zalando introduced the Cloudstone Moon lending on design innovation was refined expressive style. In tennis, our partnership with Roche Feder has already connected the sport to a much broader audience.

當然，On 的使命遠不止於跑步。我們正見證一個獨特的時刻，在這個時刻，性能和創新是時尚和文化領域男性的關鍵驅動力。On 擁有得天獨厚的優勢，既能引領這一趨勢，又能從中受益。本季度，我們與 Zalando 的合作推出了 Cloudstone Moon 系列，該系列在設計創新方面進行了精煉，展現出富有表現力的風格。在網球領域，我們與羅氏費德的合作已經將這項運動與更廣泛的受眾聯繫起來。

This quarter, we welcomed the music artist Burner boy to our tennis lifestyle brand, who is resonating strongly with the young demographic. These cultural moments are accelerating our connection and traction with Yum!, aspirational consumers, including teams cementing on as a global symbol of modern performance in style that resonates deeply with both her and him.

本季度，我們迎來了音樂藝術家 Burner boy 加入我們的網球生活品牌，他與年輕群體產生了強烈的共鳴。這些文化時刻正在加速我們與 Yum! 的聯繫和吸引力，以及有抱負的消費者，包括團隊，鞏固其作為現代時尚表現的全球象徵的地位，這種時尚風格深深地引起了男女的共鳴。

To summarize, as ever, On is carving its own path. Our premium strategy is working, and we are executing on our vision with precision and discipline. Our relentless focus on innovation has built a durable multidimensional growth engine, an engine that is built for the long run. Fueled by our accelerated global brand heat and awareness, the foundation for our next chapter of premium growth is stronger than ever.

總而言之，On 一如既往地走出了一條屬於自己的道路。我們的高端策略正在奏效，我們正在精準、嚴謹地執行我們的願景。我們對創新的不懈追求，打造了一個持久的多維成長引擎，一個為長期發展而打造的引擎。在全球品牌熱度和知名度迅速提升的推動下，我們下一階段高端成長的基礎比以往任何時候都更加穩固。

With that, Martin will share more on our strategic and financial highlights in the quarter and our significant raised outlook for the year.

接下來，Martin 將分享更多關於本季策略和財務亮點以及我們大幅提高的年度業績預期。

Thank you, Caspar. By staying true to our vision in executing this discipline, we are delivering remarkable, consistent success. This is expiring to experience. Whether on the road to track, the trail or the court, in the term or in the streets, whether on the feed or on the body, On has become a true toe-to-head partner in our customers' lives. That connection makes our entire team incredibly proud and grateful.

謝謝你，卡斯帕。透過堅持執行這項原則並忠於我們的願景，我們正在取得顯著而持續的成功。這是即將消失的經驗。無論是在賽道上、小徑上或球場上，無論是在訓練場上還是在街頭，無論是在訓練場上還是在訓練場上，On 都已成為我們客戶生活中真正的全心全意的伙伴。這種聯繫讓我們整個團隊感到無比自豪和感激。

What sets us apart is our premium position. Our vision is and will remain to be the most premium global sportswear brand. Premium is an emotion formed in the minds of our sands. We earn it by consistently exceeding their expectations in the moments that matter. They know premium where they find it because they see it.

我們的優勢在於我們的高端市場地位。我們的願景是，並將始終是成為全球最頂級的運動服飾品牌。高級感是一種在我們內心深處形成的情感。我們透過在關鍵時刻不斷超越他們的期望來贏得他們的信任。他們一眼就能看出哪裡是優質產品。

This quarter, Tokyo protect vision to life. The atmosphere was electric. It was three years since my last visit and in that time, the team has more than doubled in size and even further elevated how we show up in this vital market. What I saw in Japan was the clearest expression yet of On's premium strategy, a brand that feels completely at home in a culture defined by craftsmanship, precision and design excellence.

本季度，東京守護生命視力。氣氛非常熱烈。距離我上次訪問已經三年了，在此期間，團隊規模擴大了一倍多，我們在這個重要市場中的表現也得到了進一步提升。我在日本看到的，是On品牌高端策略迄今最清晰的體現。 On是一個在以精湛工藝、精準設計和卓越設計為特徵的文化中如魚得水的品牌。

At Harmony is perfectly captured in our new flagship store in Ginza. It opened a record demand, delivering the highest monthly sales across our entire retail set in October. The space embodies what premium means for On, performance elevated through design and delivered with care and consistency.

我們位於銀座的新旗艦店完美地詮釋了「和諧」這一理念。它開啟了創紀錄的需求，10 月在我們所有零售通路中實現了最高的每月銷售額。這個空間體現了On對高端的理解，即透過設計提升性能，並以細緻和一致的方式交付。

While Japan's set the tone, the broader Asia Pacific region demonstrated the sheer scale of what's possible. Across China, Korea and Southeast Asia, we are connecting with a new generation of younger deeply design conscious customers, proving the global appetite for On's premium performance approach.

雖然日本樹立了榜樣，但更廣泛的亞太地區展現了各種可能性的巨大規模。在中國、韓國和東南亞，我們正在與新一代年輕且具有高度設計意識的客戶建立聯繫，這證明了全球對安安高端性能理念的需求。

We saw this again in Bangkok, where our first store opened to the highest daily sales of any store opening in our history. The global demand is a direct result of our customer strategy. Our community is growing but also deepening becoming more diverse, more active and more connected across all our verticals.

我們在曼谷再次見證了這一點，我們在那裡開設的第一家門市創下了公司歷史上所有新店開業時的最高日銷售額。全球需求是我們客戶策略的直接結果。我們的社群不僅在不斷發展壯大，而且也在不斷深化，變得更加多元化、更加活躍，並在所有垂直領域之間建立起更緊密的聯繫。

While brand awareness is accelerating, the clearest metric of our success is loyalty. Engaged fans are returning at higher rates and crucially buying across more categories, embracing the full breadth of our product universe. [Parallel] is an important driver of this evolution. It's fundamentally reshaping how people view and enter our brand. It's becoming a key acquisition channel attracting a growing share of first-time customers by also building lasting value as apparel shoppers buy more frequently and with bigger baskets.

雖然品牌知名度正在加速提升，但衡量我們成功最明確的指標是忠誠度。忠實粉絲的回訪率更高，更重要的是，他們的購買範圍更廣，涵蓋了我們所有的產品類別。 [Parallel] 是推動這項轉變的重要因素。它從根本上改變了人們看待和了解我們品牌的方式。它正逐漸成為一個重要的客戶獲取管道，吸引越來越多的新客戶，同時隨著服裝購物者購買頻率更高、單次購物金額更大，也創造了持久的價值。

We are also seeing a clear shift towards younger customers in apparel highlighting a sizable and well-defined long-term opportunity. Importantly, we are not building apparel as an add-on to our footwear business, but as a company within the company. Serving the same communities, but with a unique product offering and customer experience. As a result, apparel is driving incremental high-value growth across all our channels.

我們也看到服裝消費群明顯向年輕化轉變，凸顯了一個規模可觀且前景明確的長期機會。重要的是，我們不是把服裝當作鞋類業務的附加業務，而是把它當作公司內部的獨立公司來發展。服務於相同的社區，但提供獨特的產品和客戶體驗。因此，服裝業務正在推動我們所有管道實現高價值的增量成長。

Operating at this level with such broad-based strength sets an incredible high standard, and it requires flawless execution. This is where our focus on operational excellence and technology is delivering profound results. We are transforming the way we work. We have structurally reduced lead times and enhanced how we plan and run the business with intelligent tools powering our integrated planning. We are building a faster and more agile company that is a stronger partner for suppliers, retailers and consumers.

以如此強大的實力達到這樣的水平，需要極高的標準，並且需要完美無瑕的執行。正是在這裡，我們對卓越營運和技術的重視帶來了顯著的成果。我們正在改變工作方式。我們透過智慧工具支援整合規劃，從根本上縮短了交付週期，並改善了業務規劃和營運方式。我們正在打造一家速度更快、更靈活的公司，成為供應商、零售商和消費者更強大的合作夥伴。

More and more AI becomes a core component to how we operate across all areas of the business and engage with our fans. All of this is deeply rooted in our culture of innovation and excellence, and it's the daily passion of our amazing team that makes all of this work. from the cheering zone at the Marathon in New York with a LightSpray innovation lab from case shows to the shop floors of front specialty partners. Their energy is what sets us apart. Thank you so much, team.

人工智慧正日益成為我們業務各個領域運作以及與粉絲互動方式的核心組成部分。這一切都深深植根於我們創新和卓越的文化之中，而我們傑出團隊的日常熱情正是這一切得以實現的關鍵。從紐約馬拉鬆的加油區，到LightSpray創新實驗室，從案例展示到第一線專業合作夥伴的車間，無不體現著這一點。他們的活力使我們與眾不同。非常感謝團隊。

Our incredible brand momentum and precise execution continued through Q3, delivering another exceptional set of results. We achieved record net sales of CHF794.4 million, growing 24.9% year over year on a reported basis and 34.5% at constant currency. This outstanding top line growth fueled record profitability. The gross profit margin of 65.7% and adjusted EBITDA margin of 22.6% and nearly 50% year over year adjusted EBITDA growth.

我們強大的品牌動能和精準的執行力在第三季得以延續，取得了又一系列卓越的業績。我們實現了創紀錄的淨銷售額 7.944 億瑞士法郎，並以報告基準計算年增 24.9%，以固定匯率計算年增 34.5%。營收的顯著成長推動了獲利能力的創下新高。毛利率為 65.7%，調整後 EBITDA 利潤率為 22.6%，調整後 EBITDA 年成長近 50%。

Our DTC channel once again delivered exceptional growth while driving superior profitability. Net sales reached CHF314.7 million, an increase of 27.6% year over year on a reported basis and 37.5% at constant currency.

我們的DTC通路再次實現了卓越的成長，同時帶來了優異的獲利能力。淨銷售額達 3.147 億瑞士法郎，以報告匯率計算年增 27.6%，以固定匯率計算年增 37.5%。

Our success is driven by strong synergies between our e-commerce and retail ecosystems. Omnichannel customers are more loyal and deliver materially higher lifetime value. Validating our seamless premium experience. This experience is proud to life in our flagship stores. A recent highlight for me was the opening of our new Zurich flagship.

我們的成功源自於電子商務和零售生態系統之間強大的綜效。全通路客戶忠誠度更高，且終身價值更高。驗證我們流暢的優質體驗。這種體驗讓我們的旗艦店倍感自豪。最近對我來說最值得高興的事就是我們位於蘇黎世的新旗艦店開幕了。

A celebration of our Swiss heritage in a stunning downtown location. Alongside our new stores, our established fleet continues to excel. We saw standout contributions in Q3 from key locations, including [Capstead] over in Tokyo, Miami and the Champs -- in Paris, proving the productivity and longevity of our retail investments. Our brand strength is mirrored in our wholesale channel. Net sales reached CHF479.6 million increasing by 23.3% year over year on a reported basis and by 32.5% at constant currency. This performance reflects sustained elevated demand from our key account partners.

在市中心風景優美的地方，慶祝我們的瑞士傳統。除了新店之外，我們現有的門市也持續表現出色。第三季度，我們在一些重點地區看到了突出的貢獻，包括東京的 [Capstead]、邁阿密和巴黎香榭麗舍大街，證明了我們零售投資的生產力和持久性。我們的品牌實力也體現在我們的批發管道中。淨銷售額達 4.796 億瑞士法郎，以報告匯率計算年增 23.3%，以固定匯率計算年增 32.5%。這項業績反映了我們主要客戶合作夥伴持續高漲的需求。

The enthusiasm for our future pipeline is clear. The fall/winter 2026 sell-in has kicked off with ongoing strong momentum. And our building order book for 2026 already reflects our partner's deep confidence in our rentless innovation. Turning to our regional development. In the Americas, net sales reached CHF436.2 million growing 10.3% year over year on a reported basis and by 21% at constant currency. This quarter was a pivotal test of our premium strategy as our US price increases came into effect. The results confirmed our view.

大家對我們未來的發展前景充滿熱情。2026 年秋冬季的銷售季已經拉開序幕，並保持著強勁的銷售勢頭。我們2026年的建築訂單已經反映了我們的合作夥伴對我們持續創新能力的深切信心。接下來談談區域發展。在美洲，淨銷售額達 4.362 億瑞士法郎，以報告匯率計算年增 10.3%，以固定匯率計算年增 21%。本季是我們高端策略的關鍵考驗，因為我們在美國的價格上漲措施開始生效。結果證實了我們的觀點。

Demand remained incredibly strong for our premium offerings, clear validation of our brand's pricing power and the impact of our full price strategy. This gives us tremendous confidence heading into the holiday season where our premium positioning and unwavering commitment to full price selling will be a significant competitive advantage.

市場對我們高端產品的需求仍然非常強勁，這清楚地證明了我們品牌的定價能力以及我們全價策略的影響。這讓我們對即將到來的假期季節充滿信心，屆時我們的高端定位和對全價銷售的堅定承諾將成為我們重要的競爭優勢。

Europe, Middle East and Africa delivered an outstanding quarter with net sales reaching CHF213.3 million up 28.6% year over year on a reported basis and 33% at constant currency. Our performance highlights the breadth of the brand heat in the region. We are seeing exceptional demand in the UK, which has firmly established itself as one of our largest global markets. Incredible momentum in newer markets like France and Italy, and the sustained reacceleration in growth across the German-speaking region.

歐洲、中東和非洲地區本季業績表現出色，淨銷售額達到 2.133 億瑞士法郎，以報告匯率計算年增 28.6%，以固定匯率計算年增 33%。我們的業績凸顯了該品牌在該地區的熱度。我們看到英國市場需求異常旺盛，英國已穩固確立了其作為我們全球最大市場之一的地位。在法國和義大利等新興市場，成長動能強勁，德語區的成長也持續加速。

Asia Pacific continues its phenomenal growth, delivering net sales of CHF144.9 million, up 94.2% year over year on a reported basis at an incredible 109.2% at constant currency. APAC is now approaching 20% of our total sales. What was once a new frontier has become a major engine for the brand. The remarkable demand is broad-based. With continued triple-digit growth in Greater China, South Korea and Southeast Asia, amplifying the success we see in Japan.

亞太地區持續維持驚人的成長勢頭，淨銷售額達 1.449 億瑞士法郎，以報告匯率計算年增 94.2%，以固定匯率計算更是成長了驚人的 109.2%。亞太地區目前已占我們總銷售額的近 20%。曾經的新興領域如今已成為該品牌的主要引擎。這種顯著的需求是廣泛存在的。大中華區、韓國和東南亞地區持續保持三位數成長，進一步擴大了我們在日本的成功。

This increasing regional balance is a core strength, a direct reflection of our global strategy and proof of our ability to drive high-quality growth across all markets.

這種日益增強的區域平衡是我們的核心優勢，直接反映了我們的全球策略，也證明了我們有能力在所有市場推動高品質成長。

Moving to performance by product. Both remain our core engine of growth. Net sales from this category reached CHF731.3 million, an increase of 21.1% year over year on a reported basis and 30.4% at constant currency. This access confirms our expanding role in the lives of our sales across every part of their day. In performance, the Cloudmonster continues to win new fans. And our latest innovations like the Cloudsurfer Max and Cloudboom Max are off to exceptional starts, driving strong results in key sporting goods and run specialty distribution.

按產品進行績效分析。兩者仍然是我們成長的核心引擎。該類別的淨銷售額達到 7.313 億瑞士法郎，以報告基準計算年增 21.1%，以固定匯率計算年增 30.4%。這種訪問權限證實了我們在銷售人員日常生活的各個方面所扮演的角色日益重要。在效能方面，Cloudmonster 不斷贏得新粉絲。我們最新的創新產品，如 Cloudsurfer Max 和 Cloudboom Max，都取得了非凡的開局，在關鍵體育用品和跑步專賣分銷領域取得了強勁的業績。

Meanwhile in lifestyle, the Cloudtilt, Cloud and the Roger continued to see tremendous demand. This combination of elite performance products and the distinctive edge in the Lifestyle segment is what sets on a part. Our apparel category is rapidly establishing itself as a significant stand-alone growth pillar. Net sales reached CHF50.1 million an increase of 86.9% year over year on a reported basis and an amazing 100.2% at constant currency. This performance was kept by a major operational milestone as we sold over 1 million apparel units in a single quarter for the first time.

同時，在生活風格領域，Cloudtilt、Cloud 和 Roger 的需求依然十分旺盛。這款產品兼具卓越的性能和在生活方式領域的獨特優勢，使其脫穎而出。我們的服飾品類正快速發展成為一個重要的獨立成長支柱。淨銷售額達 5,010 萬瑞士法郎，以報告匯率計算年增 86.9%，以固定匯率計算年增 100.2%，增幅驚人。這項業績得益於一項重要的營運里程碑，我們首次在一個季度內售出了超過 100 萬件服裝。

This success is rooted in a global and multichannel expansion. With a meaningful and balanced increase in apparel share across all channels and regions.

這項成功源自於全球化和多通路的擴張。在所有通路和地區，服裝份額均實現了有意義且均衡的成長。

Now we will move down the P&L. We delivered an outstanding 65.7% gross profit margin, up 510 basis points year over year. This result is materially ahead of our expectations. And reflects the power and momentum of our premium brand position. Yet, it is important to understand the components of this result, as it also includes some temporary and one-off factors that should not be extrapolated.

現在我們來看損益表。我們實現了 65.7% 的優異毛利率，比去年同期成長了 510 個基點。這個結果遠遠超出了我們的預期。這體現了我們高端品牌地位的實力和發展勢頭。然而，了解這一結果的組成部分很重要，因為它也包含一些暫時的、一次性的因素，這些因素不應該被外推。

First, the quarter includes a positive onetime adjustment of approximately 200 basis points. This relates to lower-than-anticipated freight and other costs. Throughout half year one, we saw these lower costs emerging, partly from successful negotiations and scale benefits, but we prudently continue to accrue at our higher prior levels.

首先，本季包含約 200 個基點的一次性正向調整。這與低於預期的運費和其他成本有關。在第一年的上半年，我們看到了這些較低的成本出現，部分原因是談判成功和規模效益，但我們謹慎地繼續保持先前較高的成本水準。

Now in Q3, we have confirmed these efficiencies are sustainable and are updating our cost assumptions. This onetime adjustment therefore, represents the release of those accruals related to the first half of the year. Second, the timing lag between our US price increases and the full impact of additional US tariffs led to a slightly positive margin effect in Q3, which should be considered a temporary benefit.

現在到了第三季度，我們已經確認這些效率提升是可持續的，並且正在更新我們的成本假設。因此，此一次性調整代表釋放與上半年相關的應計款項。其次，由於美國價格上漲與美國額外關稅的全面影響之間存在時間滯後，導致第三季利潤率略有上升，但這應該被視為暫時性的好處。

Third, the current devaluation of the US dollar compared to the Swiss franc since early April, drives a positive gross profit margin impact of approximately 100 basis points. Crucially, even after accounting for these effects, our underlying gross profit margin is significantly above our communicated long-term target.

第三，自 4 月初以來，美元對瑞士法郎的持續貶值，對毛利率產生了約 100 個基點的正面影響。至關重要的是，即使考慮到這些影響，我們的基本毛利率也遠高於我們公佈的長期目標。

This is the result of the structural strength of our business and the great work of our team. Our increasing DTC share, our premium positioning, durable operational efficiencies and economies of scale. These structural effects are expected to be sustained are expected to be reflected in our future results. We also delivered an outstanding Q3 adjusted EBITDA margin of 22.6%, up 370 basis points year over year, corresponding to an absolute adjusted EBITDA of CHF179.9 million.

這是公司結構實力和團隊辛勤工作的成果。我們不斷成長的 DTC 市場份額、我們的高端定位、持久的營運效率和規模經濟。預計這些結構性影響將持續存在，並將在我們未來的業績中有所體現。第三季調整後 EBITDA 利潤率也表現出色，達到 22.6%，年增 370 個基點，調整後 EBITDA 絕對值為 1.799 億瑞士法郎。

SG&A, excluding share-based compensation, was 47.1% of net sales in Q3, up from 46% in the prior year. reflecting a deliberate decision to invest in future growth through marketing and our global retail expansion. Importantly, we are funding these strategic investments largely through our operational efficiencies. Our focus on excellence has structurally improved our distribution cost baseline, which continues to decline as a percentage of net sales. This demonstrates our flexibility to thoughtfully reinvest in high-return areas that fuel our long-term brand growth.

銷售、一般及行政費用，不計股權激勵支出，第三季淨銷售額佔 47.1%，高於去年同期的 46%。這反映出公司有意透過行銷和全球零售擴張來投資未來的成長。重要的是，我們主要透過提高營運效率來為這些策略投資提供資金。我們對卓越的追求從根本上改善了我們的分銷成本基線，分銷成本佔淨銷售額的比例持續下降。這體現了我們能夠靈活地將資金再投資於高回報領域，從而推動品牌長期成長。

While the current FX environment positively impacted our gross profit margin, negatively impacted SG&A and ultimately, also our adjusted EBITDA margin.

雖然目前的外匯環境對我們的毛利率產生了正面影響，但對銷售、一般及行政費用產生了負面影響，並最終影響了我們的調整後 EBITDA 利潤率。

Moving to our balance sheet. We continue to demonstrate exceptional capital efficiency. Capital expenditures were CHF20.5 million or 2.6% of net sales, an improvement of 3% in the prior year. As of the end of Q3, our inventory stood at CHF380.6 million. As in Q2, inventory volume grew faster than value.

接下來來看看我們的資產負債表。我們持續展現出卓越的資本效率。資本支出為 2,050 萬瑞士法郎，佔淨銷售額的 2.6%，比上年增長 3%。截至第三季末，我們的庫存為 3.806 億瑞士法郎。與第二季一樣，庫存量成長速度超過了庫存價值成長速度。

Ensuring we are fully prepared for Q4 by reflecting our new operational efficiencies.

透過體現我們新的營運效率，確保我們為第四季度做好充分準備。

The proof of this new efficiency is in the results. Our cash conversion cycle improved again year over year. This disciplined working capital management, combined with our strong operational performance, fueled substantial operating cash flow of CHF157.3 million in Q3. As a result, our cash balance grew substantially, ending the quarter in an exceptional strong position at CHF961.8 million. With that, let's look ahead.

這種新效率的證明就在於結果。我們的現金週轉週期比去年同期再次改善。這種嚴謹的營運資本管理，加上我們強勁的營運業績，在第三季推動了1.573億瑞士法郎的巨額經營現金流。因此，我們的現金餘額大幅成長，季度末現金餘額達到 9.618 億瑞士法郎，處於非常強勁的水平。那麼，讓我們展望未來吧。

The consistent success, our strategic focus and exceptional execution has delivered throughout the year, fuel our confidence to deliver a strong finish to the year. Our brand momentum is undeniable, and the first weeks of Q4 have already shown our strategic gains. Alongside major athlete victories, including [Solvay lobes], Ironman World Championship win in Kona and Jaana -- becoming the youngest tennis champion at the Swiss indoors since 1989. We have created moments that continue to elevate the brand globally.

全年持續的成功、我們的策略重點和卓越的執行力，增強了我們有信心在年底取得佳績。我們的品牌發展動能毋庸置疑，第四季的前幾週已經展現了我們的策略優勢。除了重大運動員勝利，包括[索爾維獎盃]、科納鐵人三項世界錦標賽冠軍和雅納網球錦標賽冠軍——成為自 1989 年以來瑞士室內網球錦標賽最年輕的冠軍。我們創造了一些能夠持續提升品牌全球知名度的精彩時刻。

We launched the Cloud solo, our first ever co-created product with LOEWE and introduced a new capsule collection with Sky hike Farms standard around the Cloud VI. We entered the GCC market with the opening of our first store in Riyadh, Saudi Arabia, just yesterday and opened our first store in Seoul, securing a beautiful ultra-premium location in the Hyundai Mall.

我們推出了 Cloud solo，這是我們與 LOEWE 合作推出的第一款產品，並圍繞著 Cloud VI 推出了以 Sky hike Farms 標準為主題的全新膠囊系列。昨天，我們在沙烏地阿拉伯利雅德開設了第一家店，正式進入海灣合作委員會市場；昨天，我們在首爾開設了第一家門市，選址在現代購物中心，地理位置優越，堪稱超高端。

We were thrilled with our performance during Golden Week in [China] and our global holiday campaign. Gifting movement is off to a great start, confirming our momentum as we head into the end of the year. This is how our vision comes to life. Winning in performance elevating our brand and showing up in a credible, consistent and aspirational way of our ever-expanding communities.

我們對自己在中國黃金週期間的表現以及全球假日行銷活動感到非常滿意。贈送禮物活動開局良好，鞏固了我們進入年底前的發展勢頭。這就是我們願景變成現實的方式。在業績上取得成功，提升我們的品牌形象，並在我們不斷擴大的社群中以可信、一致和令人嚮往的方式展現自我。

Therefore, we are raising our 2025 guidance across all nine items. We now expect constant currency net sales to grow by 34% year over year, well ahead of our previous guidance of at least 31%.

因此，我們提高了所有九個項目的 2025 年預期目標。我們現在預計以固定匯率計算的淨銷售額將年增 34%，遠超我們之前至少 31% 的預期。

At current spot rates, our constant currency growth guidance implies reported net sales reached CHF2.98 billion. Alongside this top line raise. We now expect a gross profit margin of around 62.5%, a meaningful increase versus our previous guidance of 60.5% to 61%. As outlined before, this new ambition reflects our commitment to full price sales during the holiday season. Sustainable structural efficiencies rooted in our elevating premium positioning, economies of scale, and increasing DTC share as well as the current FX, tariffs and freight cost environment.

以當前即期匯率計算，我們以固定匯率計算的成長預期意味著報告的淨銷售額達到 29.8 億瑞士法郎。同時，總收入也有所成長。我們現在預計毛利率約為 62.5%，較我們之前 60.5% 至 61% 的預期有顯著增長。如前所述，這個新目標反映了我們對假日期間全價銷售的承諾。永續的結構效率源自於我們不斷提升的高端定位、規模經濟、不斷增長的直接面向消費者份額，以及當前的匯率、關稅和貨運成本環境。

On adjusted EBITDA, the exceptional gross profit generation allows us to do three things at once. Absorb material foreign exchange headwinds on our more Swiss franc heavy cost base simultaneously accelerate strategic investments into our brand, technology and innovation pipeline and to raise our profitability forecast for the year.

經過調整後的 EBITDA 表現出色，毛利的強勁成長使我們能夠同時做到三件事。吸收外匯波動對我們以瑞士法郎為主的成本基礎造成的重大不利影響，同時加快對品牌、技術和創新管道的策略投資，並提高我們今年的獲利預測。

We now expect an adjusted EBITDA margin of above 18%, a clear step up from our previous guidance of 17% to 17.5%.

我們現在預計調整後的 EBITDA 利潤率將超過 18%，比我們之前 17% 至 17.5% 的預期有了顯著提高。

Looking beyond 2025, the proven impact of our strategic building blocks and clarity of our long-term strategy provide us with the baseline for continued exceptional momentum. This is first supported by the strength of our product pipeline, validated by our existing order book, driving a trajectory well ahead of the targets outlined at our Investor Day in October 2023. As you will recall, we communicated our goal to top up net sales by 2026, implying a 26% net sales constant certainty growth CAGR over the three years.

展望 2025 年後，我們策略建構模組的成熟影響和長期策略的清晰性為我們持續保持卓越發展動能奠定了基礎。首先，我們強大的產品線為此目標提供了支撐，現有的訂單也證實了這一點，推動我們朝著遠超2023年10月投資者日上概述的目標穩步前進。您應該還記得，我們​​曾宣佈在 2026 年實現淨銷售額成長的目標，這意味著三年內淨銷售額將維持 26% 的穩定成長。

We are on track to complete the first two full years of our three year plan with in excess of 33% constant currency growth each year. This sustained and material overachievement gives us the confidence and visibility to update our long-term outlook as we look ahead to the final year of our plan. We now expect a three year constant currency CAGR from 2023 to 2026 to reach at least 30%. This implies at least 23% growth in 2026. Based on our current outlook for 2025.

我們正按計畫順利完成三年計畫的前兩年，每年以固定匯率計算的成長率將超過 33%。這項持續且實質的超額完成，使我們有信心和把握更新長期展望，展望我們計劃的最後一年。我們現在預計，2023 年至 2026 年的三年固定匯率複合年增長率將至少達到 30%。這意味著到 2026 年至少成長 23%。基於我們對 2025 年的當前展望。

This isn't just about exceeding targets. It's a testament to the unparalleled momentum of our brand. the strength of our strategy and the incredible dedication of our entire team. We are not just meeting expectations. We are redefining what's possible in the sportswear market.

這不僅是超越目標的問題。這充分證明了我們品牌無與倫比的發展勢頭、我們策略的強大實力以及我們整個團隊的無與倫比奉獻精神。我們不僅達到了預期。我們正在重新定義運動服裝市場的可能性。

As we look at our midterm profitability ambition, the significantly higher gross profit margin achievement expected for this year provides us with a strong baseline and increased confidence in our ability to exceed our stated gross profit margin target for 2026 despite the full impact of tariffs next year.

展望中期獲利目標，預計今年毛利率將大幅提高，這為我們提供了一個強有力的基準，並增強了我們實現 2026 年毛利率目標的信心，儘管明年關稅將產生全面影響。

Importantly, this allows us to continue to invest meaningfully into the brand, fueling our global momentum by driving even more progress around new technologies and AI. And ultimately, to build an even stronger foundation for continued growth in 2026 and beyond. In line with our established guidance cadence, we will provide a formal guidance update in March when we share our Q4 and full year results.

重要的是，這使我們能夠繼續對品牌進行有意義的投資，並透過推動新技術和人工智慧領域的更大進步來增強我們的全球發展勢頭。最終目標是為 2026 年及以後的持續成長奠定更堅實的基礎。根據我們既定的業績指引節奏，我們將在 3 月發布正式的業績指引更新，屆時我們將公佈第四季度和全年業績。

To summarize, we are thrilled with the continued strength of our brand. We head into the holiday season with high momentum and conviction in our plan, which allows us to look beyond the immediate horizon towards our next phase, where as we like to say, to three months. Again, a huge thank you to our teams around the world for their incredible execution and for making all of this possible.

總而言之，我們對品牌持續強勁的發展勢頭感到非常興奮。我們帶著強勁的勢頭和對計劃的堅定信念進入假期，這使我們能夠超越眼前的視野，展望下一個階段，也就是我們常說的三個月。再次衷心感謝我們世界各地的團隊，感謝他們出色的執行力，使這一切成為可能。

And with that, Caspar and I are happy to take your questions.

那麼，我和卡斯帕很樂意回答大家的問題。

(Operator Instructions) Paul Lejuez, Citi.

（操作員說明）Paul Lejuez，花旗銀行。

Hey, thank you guys. Curious if you could talk about the traction that you're seeing in apparel with any detail that you can give about regional acceptance of that product? And curious how it's performing in DTC versus wholesale accounts? And then just within your wholesale doors, you talk about 1% carry apparel? And any opportunity long term that you think? And when you think about the percent of accounts that carry our footwear, what percent ultimately will cover include apparel.

嘿，謝謝大家。能否請您談談您在服裝領域觀察到的發展趨勢，並詳細介紹該產品在不同地區的接受程度？很好奇它在DTC帳戶和批發帳戶中的表現如何？然後，光是你們的批發管道內，你們就談到了1%的服裝庫存？你認為有哪些長期的發展機會？當你考慮到銷售我們鞋類產品的帳戶所佔的百分比，最終又有多少百分比會涵蓋服裝呢？

Thank you, Paul, for the question. We're very excited about the apparel performance. As you've heard on the call just now. We sold over 1 million items now in Q3 for the first time. And apparel excesses together account for about 8% of our total business.

謝謝你的提問，保羅。我們對服裝的性能表現感到非常興奮。正如你剛才在電話會議中聽到的。第三季度，我們的銷量首度突破100萬件。服裝滯銷部分約占我們總業務的 8%。

That's a new record, and we're well on track of hopefully getting quickly into the double digits there.

這是一個新紀錄，我們很有希望很快就能達到兩位數。

So traction is really strong. What drives this is we're really executing on all fronts. So on the distribution side, our own stores play a very important role because we need to be able to showcase the breadth and the beauty of this product. So if you've been to any of our newly opened flagship stores, you'll see that come to life. But we're also doing that, for example, at department stores, wherever we have shop-in-shops we usually lead with apparel, and it's a great way to tell the brand story.

所以牽引力非常強。推動這結果的原因是我們在各方面都取得了顯著成效。因此，在分銷方面，我們自己的門市發揮著非常重要的作用，因為我們需要能夠展示這款產品的廣度和美感。所以，如果您去過我們任何一家新開的旗艦店，您就會看到這一切變成現實。但我們也在這樣做，例如在百貨公司裡，凡是有店中店的地方，我們通常都會先展示服裝，這是講述品牌故事的好方法。

As we break down a bit into which parts of apparel are seeing the most traction, happy to give you a bit of color there. We have an exceptional strong running, training and tennis business in apparel. And within running we clearly see that whenever we do something from the performance side, so we work with our athletes and we bring some of these latest material innovations to broader audiences that resonates very well.

當我們進一步分析服裝的哪些部分最受歡迎時，很高興能為您帶來一些色彩上的見解。我們在跑步、訓練和網球服裝領域擁有非常強大的業務。在跑步領域，我們清楚地看到，每當我們從性能方面做任何事情時，我們都會與運動員合作，並將一些最新的材料創新帶給更廣泛的受眾，這引起了很好的共鳴。

In training. It's all about winning with -- And so the sweet spot there for on seems to be where we have light resistance works, so you had the gym or you're in a class and On brings performance innovation like [Sensetech] that we're rolling out now across the lines, but we're also bringing a bit more elevated aesthetic that resonates with our affluent customer.

正在接受訓練。一切都是為了贏得勝利——因此，On 的最佳平衡點似乎在於輕阻力訓練，例如在健身房或課堂上，On 帶來了性能創新，例如我們現在正在全線推廣的 [Sensetech]，但我們也帶來了更高端的美學，以引起我們富裕客戶的共鳴。

And then, of course, tennis maybe category even a bit underestimated, just a tennis look whether it's actually the performance here or athlete to air and competition like [Chovanec] -- the Brazilians are crazy about it. All the way to the lifestyle looks, and you've probably seen what we've done with [Burna Boy] just now bringing the tennis lifestyle to wider audiences. All these things resonate extremely well.

當然，網球這項運動可能被低估了，看看網球，無論是在這裡的實際表現，還是像[喬瓦內克]這樣的運動員的競技水平——巴西人對網球非常著迷。從生活風格造型到其他方面，你可能已經看到了我們與 [Burna Boy] 合作，將網球生活方式帶給更廣泛的受眾。這些都引起了我的極大共鳴。

Over time, we will definitely attack in additional categories there, bringing it more to movement and stuff that can be worn every day, always with the performance and innovation core. And we also have a very strong jacket business that is mostly reflected in our outdoor and running collections.

隨著時間的推移，我們肯定會進軍更多領域，將其更多地應用於運動和日常穿著的服飾，始終以性能和創新為核心。此外，我們的外套業務也非常強勁，這主要體現在我們的戶外和跑步系列產品中。

Maybe just at a point here because I think it's very important for where we are taking our business model. We said it on the call that really the way we look at apparel as a company in the company and it follows a slightly different distribution model approach. It will be much more heavy, which doesn't mean we are not working with great wholesale partners, as Caspar just said, but retail will play a much stronger role in the physical presence of of apparel. And as a result, our apparel business is expected to drive also superior margin profile into the brand. So we are not only adding additional customers, but also additional profitability.

或許只是在某個階段，因為我認為這對我們未來的商業模式發展方向非常重要。我們在電話會議上說過，我們公司看待服裝的方式，實際上遵循的是一種略有不同的分銷模式。服裝的重量會大大增加，但這並不意味著我們沒有與優秀的批發合作夥伴合作，正如 Caspar 剛才所說，但零售將在服裝的實體銷售中發揮更重要的作用。因此，我們的服裝業務預計也將為該品牌帶來更高的利潤率。因此，我們不僅在增加客戶，也在增加獲利。

Thank you very much. Good luck.

非常感謝。祝你好運。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Great, thank you so much. My question is just is the growth was obviously very strong in the quarter. At the same time, the gross margin expanded a lot. And the same time your inventory looks very lead. Can you just talk about how you balance driving top line growth versus protecting margins, your premium position, maintaining that scarcity model and just delivering an algorithm, I think it's right for the brand for the long term but also in a way that is -- allows the company to grow without having any operational issues. Thank you.

太好了，非常感謝。我的問題是，本季的成長是否明顯非常強勁？同時，毛利率大幅成長。同時，你的庫存看起來非常沉重。您能否談談您是如何平衡營收成長與利潤率保護、保持高端定位、維持稀缺性模式以及如何交付演算法的？我認為這對品牌的長期發展是正確的，而且也能夠讓公司在沒有任何營運問題的情況下成長。謝謝。

I mean I think this is the result of the amazing work that the team is doing and that we pretty amplified capabilities in the organization across every part. And so we are really able to manage all the three areas that you mentioned in sync. I mean I think on the gross profit margin is just super important to understand that the premium business that we are building is the driver behind the gross profit margin.

我的意思是，我認為這是團隊出色工作的成果，也是我們大幅提升了組織各部門能力的結果。因此，我們確實能夠協調一致地管理您提到的所有三個領域。我的意思是，我認為理解毛利率非常重要，因為我們正在打造的高端業務才是毛利率背後的驅動力。

And of course, building a premium business also requires incredible discipline in your inventory management in order to protect the high share of full price sales. So this is the essence of what we are building. And you have already seen the power of that business model coming to life in the last two years with our gross profit margin expanding constantly. And this has really been the result of the pricing power, the full price discipline, a more DTC focused channel mix, operational improvements and then also economies of scale.

當然，打造高端業務也需要在庫存管理方面保持高度自律，以保障全價銷售的高份額。這就是我們正在建構的東西的本質。在過去的兩年裡，您已經看到了這種商業模式的強大力量，我們的毛利率不斷擴大。這實際上是定價權、全面的價格紀律、更以 DTC 為中心的管道組合、營運改進以及規模經濟共同作用的結果。

And now in the last months, this has really amplified given the power of our team, our strong team that we have in Vietnam working with the factories. And so we have now really achieved a new level on gross profit margin that we also consider sustainable. And that's, I think, a great place to be given the environment around tariffs. So we are fully in control of our future. We will digest our -- the tariffs and still be well above our long-term target.

而最近幾個月，由於我們團隊的力量，特別是我們在越南與工廠合作的強大團隊，這種情況得到了極大的加強。因此，我們現在已經真正達到了毛利率的新水平，我們認為這個水平也是可持續的。我認為，考慮到當前的關稅環境，這是一個非常好的位置。所以，我們的未來完全掌握在自己手中。我們會消化關稅的影響，並且仍然遠遠超出我們的長期目標。

And at the same time, we can reinvest into the business. We can invest into the brand into technology. But we are fully in control on pricing on doing the right things and also investing into the product. So this is the power of that premium position that we are building.

同時，我們也可以對企業進行再投資。我們可以投資品牌和技術。但是，我們完全可以掌控定價，做正確的事情，並投資於產品。這就是我們正在建構的這種領先地位的力量。

Got it. Thank you so much.

知道了。太感謝了。

Alex Straton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Thanks so much for all the calls and nice results. Maybe just on the 2026 initial guidance, a 23% rate. Was that a constant currency number? And then can you just elaborate a little bit more on how you kind of get confidence there by region and channel I'm just curious if any geographies or channels or categories should decelerate more than others or what the kind of composition of how you're arriving there is?

非常感謝大家的來電和提供的優質服務。或許就以 2026 年的初步指引值來看，成長率為 23%。那是固定匯率數字嗎？然後，您能否再詳細解釋一下您是如何按地區和管道獲得信心的？我只是好奇是否有任何地區、通路或類別的成長速度應該比其他地區或類別放緩得更快，或者您是如何得出這些結論的？

Thanks for the question, Alex. Yes, it's a constant currency number. So also the 30% that we gave as a CAGR at a constant currency. I mean I think it's important and we had it in the script already to always be clear on what is our strategic aspiration. And this is to become the most premium global sportswear brand.

謝謝你的提問，Alex。是的，這是一個恆定的貨幣數值。所以，我們給的固定匯率計算的複合年增長率 30% 也是如此。我的意思是，我認為這很重要，而且我們已經在劇本中寫明了，要始終明確我們的策略目標是什麼。目標是成為全球最頂級的運動服飾品牌。

And -- so the first focus of what we are building is to increase our addressable market. I mean about 75% of the people in our markets don't know about on. So increasing brand awareness, is a key first step. But we are not using a shot can approach to do this, but instead, we are extremely conscious about the different communities and customer groups we are targeting.

因此，我們正在建立的首要重點是擴大我們的潛在市場。我的意思是，我們市場上大約 75% 的人都不知道 on。因此，提高品牌知名度是關鍵的第一步。但我們並沒有採取盲目推廣的方式，而是非常注重我們所針對的不同社群和客戶群。

So if you take [Burna Boy] and Zalando, they speak to a Gen Z customer. If you take Helene -- she builds credibility with all kinds of runners. -- Fonseca drives a hype in the brand in Brazil, and I could go on forever. But what is most important is that we are not fishing in the same pond as everyone else, instead, one is really expanding the market of sportswear because in the end, our products give our fans an identity that is really rooted in the innovation and the design that we are bringing to the product.

所以，如果你看看 Burna Boy 和 Zalando，他們面對的是 Z 世代的顧客。以海倫為例──她能贏得各類跑者的信任。 ——豐塞卡在巴西為這個品牌帶來了極高的知名度，我還可以繼續說下去。但最重要的是，我們並沒有和其他人一樣在同一個池塘裡捕魚，而是真正地拓展了運動服裝市場，因為最終，我們的產品賦予了我們的粉絲一種真正植根於我們為產品帶來的創新和設計的身份認同。

And so we are bringing fans into our shoes and into the apparel that have basically not used sneakers or performance-inspired apparel before. And so ultimately, we are becoming a bigger part of the life of our consumers. And I think it's very important that this strategy is to set ourselves apart from everyone else in the industry. And it also clearly defines on what we are doing as a next step going into '26 when it comes to products, channels and regions. So there's -- out of that strategy, it's very clear.

因此，我們正在吸引那些以前基本上沒有穿過運動鞋或運動服飾的粉絲來體驗我們的產品。因此，最終，我們將成為消費者生活中越來越重要的一部分。我認為這項策略非常重要，它能讓我們與業內其他公司區分開來。它也明確定義了我們在 2026 年的產品、通路和地區方面要採取的下一步。所以，從這個策略來看，結果非常明確。

If you look on the product side, you can expect a firework of innovation. So we mentioned it on the call early next year, we will update two of our key franchises, the Cloudrunner, the Cloudmonster. Lightspray will become big and it will really revolutionize running. And then we still have a few surprises further down the road for next year. And then you already see the success of apparel and how this is really incremental to the business.

從產品角度來看，您可以期待一場創新盛宴。所以我們在明年年初的電話會議上提到，我們將更新我們的兩個主要係列產品，即 Cloudrunner 和 Cloudmonster。Lightspray將會發展壯大，並真正革新跑步產業。然後，明年我們還有一些驚喜等著大家。然後，你已經看到了服裝業務的成功，以及它如何真正為企業帶來成長。

Then in retail, we are continuing to add about 20 to 25 stores on an annual basis as we have done this year. At the same time, we are heavily investing into our wholesale partners. So really, if you will experience on in the physical space in a year from now, it will look very elevated to where it is today. And all of this will drive strong growth in each of our region because that strategy will be working in each of our regions. And of course, we could not give such a strong outlook for next year if we would have doubts about the growth opportunity that we have in our largest regions, Americas.

在零售方面，我們將繼續像今年一樣，每年新增約 20 至 25 家門市。同時，我們也在大力投資我們的批發合作夥伴。所以，如果你一年後親自去體驗一下，你會發現它比現在看起來好得多。所有這些都將推動我們每個地區的強勁成長，因為該策略在我們每個地區都將奏效。當然，如果我們對我們最大的地區——美洲——的成長機會有所懷疑，我們就不可能對明年做出如此樂觀的展望。

So this is fully embedded in there. And so I think this is the confidence and the strategy that is sitting behind the outlook and the strong increase that we have given on the 3-year plan.

所以它已經完全嵌入了其中。所以我認為，這就是我們對未來三年計畫的展望和強勁成長背後的信心和策略。

It's a great color. Good luck.

這個顏色真好看。祝你好運。

John Kernan, TD Cowen.

約翰·克南，TD Cowen。

Good afternoon. This is [Krista Zuber] on for John. Just one on gross margin. You raised the fiscal '25 gross margin expectation it kind of implies a modest expansion for 4Q against your toughest year ago compare. Can you walk us through the various sort of tailwinds, headwinds that support the outlook into 4Q? And separately, I think in the release, you mentioned favorable product costing benefits in 3Q and kind of what is the long-term outlook for that line item. Thanks so much.

午安.我是克里斯塔·祖貝爾，替約翰報道。毛利率方面只有一個問題。你提高了 2025 財年的毛利率預期，這在某種程度上意味著第四季毛利率將相對於去年同期最艱難的業績有所小幅增長。能否詳細介紹影響第四季前景的各種順風逆風因素？另外，我認為您在新聞稿中提到了第三季有利的產品成本優勢，以及該專案的長期前景如何。非常感謝。

Yes. As I just said, I think it's super important to understand that a big part of the upside that we have seen in Q3 or the strong margin that we have seen is really based on the power of the business model that we have built, and we consider this to be long term. If we look into Q4, I think there is still upside in the margin. We put some prudence in here. And then going into next year, that sustained uplift will still be there.

是的。正如我剛才所說，我認為非常重要的一點是，我們第三季度看到的成長或強勁的利潤率很大程度上是基於我們所建立的商業模式的力量，我們認為這是長期的。如果展望第四季度，我認為利潤率仍有上升空間。我們在這裡加入了一些謹慎的措施。進入明年，這種持續成長動能仍將維持。

And it will help us to more than offset the additional impacts that are expected from the tariffs to come into the P&L.

這將有助於我們抵消關稅預計將對損益表帶來的額外影響。

And on top of that, we are benefiting from the current FX environment from the current freight environment. which will drive additional margin into the gross profit. But really, the important piece is that we have taken a big step above our target that we communicated by improving the business that we have built.

此外，我們還能受惠於當前的外匯環境和貨運環境，這將進一步提高毛利利率。但實際上，重要的是，我們透過改進已建立的業務，已經遠遠超過了我們先前設定的目標。

Sam Poser, William Trading.

Sam Poser，William Trading。

Thank you guys for taking my question. Real quick. The -- you said at a conference that you said that the US that you might tone down the US growth, how much of what's going on right now of sort of with the really strong growth in APAC and EMEA. How should we think about the US?

謝謝各位回答我的問題。很快。您在一次會議上說過，您可能會放緩美國經濟成長的步伐，但目前亞太和歐洲、中東及非洲地區的強勁成長究竟會如何影響美國經濟？我們該如何看待美國？

And how much is that sort of more controlled growth. It sounds like you're going to do going forward reflected in the gross margin and the outlook for the gross margin?

那麼，這種更可控的成長究竟能達到什麼程度呢？聽起來你未來的計畫會反映在毛利率和毛利率預期？

Thank you, Sam. That's a very thoughtful question. Look, executing a premium strategy takes a lot of discipline. And the comment that we've made repeatedly also on these calls is that we're not chasing growth by adding especially wholesale doors that don't make any sense. We're also not chasing growth by discounting.

謝謝你，山姆。這是一個很有見地的問題。你看，執行高端策略需要很強的自律性。我們在這些電話會議上也一再強調，我們不會為了追求成長而增加毫無意義的批發門市。我們也不會透過打折來追求成長。

And I can maybe give you a bit of color around the US We're very happy to see that the price increases that we've done now in July of this year have been very well received, and we see continued demand growth, implying that our affluent consumers are not price sensitive. So I think that's a very important fact as a lot of people seem to be concerned about the tariff impact.

我或許可以向你們介紹美國的情況。我們很高興地看到，今年7月我們實施的價格上漲受到了消費者的熱烈歡迎，我們看到需求持續增長，這意味著我們的富裕消費者對價格並不敏感。所以我認為這是一個非常重要的事實，因為很多人似乎都很擔心關稅的影響。

Secondly, our global brand tracker for the US shows that it's one of the regions where we've been the most awareness and we're also gaining with relevance, especially with high income teens and affluent demographics, combined with a high relevance in running. So all the things we do around running, [Miceli] -- being in the New York City Marathon, these things translate into more demand from consumers.

其次，我們針對美國的全球品牌追蹤數據顯示，美國是我們知名度最高的地區之一，而且我們的品牌相關性也在不斷提高，尤其是在高收入青少年和富裕人群中，再加上跑步運動的高度相關性。所以，我們圍繞著跑步所做的一切，[Miceli]——參加紐約馬拉松，這些都會轉化為消費者更多的需求。

And thirdly, as you have heard on the call, Q3 saw less season sales. I mean you always have a very small percentage anyway, but we saw even less than we had last year. And we're going into this holiday season with a full price strategy. So we have no discounts coming up. And that's against the backdrop of a very price competitive environment.

第三，正如您在電話會議中聽到的，第三季季節性銷售額有所下降。我的意思是，本來就只有很小一部分人受到影響，但我們今年的情況甚至比去年還要糟糕。我們將以全價策略迎接這個假期季節。所以近期不會有任何折扣活動。而且，這還是在價格競爭非常激烈的環境下。

So we're really staying true to the discipline that the premium strategy demands.

所以，我們始終堅持高端策略所要求的紀律。

Then when we think about your initial look at '26 and the raise of the 3-year plan, is that would that sort of mean on an FX-neutral basis, that ongoing sort of ongoing double-digit growth in the US, but significantly higher growth in Asia and EMEA.

那麼，當我們考慮您對 2026 年的初步展望以及三年計劃的提高時，這是否意味著，在匯率中性的基礎上，美國將繼續保持兩位數的增長，而亞洲和歐洲、中東及非洲地區的增長將顯著更高。

I mean will -- it includes strong growth across all the different regions. As I just said, a lot of the things that we are building they will amplify the opportunity that we have as a brand, the reach that we have as a brand in all the different regions. So our assumption is based on the continued strong growth of the US And so it is on a continued strong growth of Europe and Asia Pacific.

我的意思是，將會——包括各個地區的強勁成長。正如我剛才所說，我們正在建立的許多東西都將擴大我們作為品牌所擁有的機會，擴大我們作為品牌在各個不同地區的影響力。因此，我們的假設是基於美國經濟的持續強勁成長，以及歐洲和亞太地區的持續強勁成長。

I mean just take apparel, for example, this is a global story. Apparel is as much underpenetrated in the US as it is in Asia Pacific and the growth opportunity is massive in each and every region. We will expand on retail in all the different regions. And then at the same time, we will not change the philosophy that Caspar just mentioned on expanding wholesale.

我的意思是，就拿服裝業來說，這是一個全球性的問題。服裝業在美國和亞太地區的滲透率都非常低，每個地區的成長機會都十分巨大。我們將拓展在所有不同地區的零售業務。同時，我們不會改變卡斯帕剛才提到的擴大批發業務的概念。

So we still have about 60% of the key account doors from Foot, Dick's and Shady where one is not yet present. And so that's a multiyear opportunity. But again, very much with a focus on building the brand in a very meaningful and controlled way. Thank you very much.

因此，我們仍有大約 60% 的 Foot、Dick's 和 Shady 等主要客戶尚未與我們接洽。所以這是一個為期多年的機會。但再次強調，重點在於以有意義且可控制的方式打造品牌。非常感謝。

Wendy Liu, JPMorgan.

Wendy Liu，摩根大通。

Hi, thanks for taking my questions and congrats on the excellent quarter. I have two questions. One is in APAC, very impressive triple-digit growth. You mentioned super digit in Greater China, South Korea. I was wondering if you could share how much of that comes from space versus same-store sales growth or like-for-like growth?

您好，感謝您回答我的問題，並祝賀您本季業績出色。我有兩個問題。其中一家在亞太地區，實現了非常可觀的三位數成長。你提到了大中華區和韓國的超級數字。我想問一下，其中有多少成長來自空間擴張，又有多少來自同店銷售成長或類似門市銷售成長？

And then secondly, just a quick clarification question. I think you had your raised guidance implies a mid-20s growth in Q4. We know the tough comps here, but I just wanted to track what are the considerations behind this outlook, which still looks pretty conservative. What are you seeing in trigonal market since October. Thank you.

其次，還有一個需要澄清的問題。我認為你們上調後的業績預期意味著第四季成長率將達到20%左右。我們知道這裡存在一些比較困難的情況，但我只是想追蹤一下這種展望背後的考慮因素，而這種展望看起來仍然相當保守。自十月以來，您觀察到三角市場的情況如何？謝謝。

Okay. I think in Asia Pacific, we talk about very different markets. Japan is a market where we ended in 2015. We have a strong presence with our wholesale partners. We are very carefully expanding with additional retail stores as we just have opened the one in Ginza.

好的。我認為在亞太地區，我們談論的是非常不同的市場。日本是我們於 2015 年終止的市場。我們與批發合作夥伴建立了強大的關係網絡。我們正在非常謹慎地拓展零售門市，因為我們剛剛在銀座開了一家門市。

But this is a playbook of growing brand awareness and being where the customer is shopping. If we are looking at most of the other regions, and I include China in that I think on is very much at the beginning of the journey. And here, we see massive same-store growth. And at the same time, we are extremely disciplined in opening additional stores. So the 20 to 25 store numbers that I gave earlier, that was a global number.

但這是一套提高品牌知名度、出現在顧客購物的策略。如果我們看看其他大多數地區，包括中國在內，我認為中國還處於起步階段。在這裡，我們看到了同店銷售額的大幅成長。同時，我們在開設新店方面也保持著高度的自律。所以我之前提到的 20 到 25 家門市的數字，是一個全球數字。

So it includes China, which means -- we take the same approach as in every other region to very carefully go from one city to the other to build the brand in the right way and to really make sure that there's also a strong performance credibility. And I think that approach just hits an environment where the demand for premium sportswear brand is incredibly high. And we could easily sell more product there, but we see this as a multiyear journey.

所以它也包括中國，這意味著——我們採取與其他地區相同的方法，非常謹慎地從一個城市到另一個城市，以正確的方式建立品牌，並真正確保其具有強大的業績信譽。我認為這種做法恰好迎合了當前市場對高端運動服裝品牌極高的需求。我們完全可以在那裡銷售更多產品，但我們認為這是一個需要多年才能完成的過程。

If we I think if we look into Q4, and we already gave some color in the prepared remarks. It's always very important to understand what does the holiday season mean for on. For us, the holiday season is a moment to connect with our brands about the right gear for the season that we are in. It's to shop for gifts. But it's absolutely not the moment for us to drive sales through discounts.

我認為，如果我們看看第四季度，我們在準備好的發言稿中已經對此進行了一些闡述。了解假期對我們意味著什麼總是非常重要的。對我們來說，節慶季節是與品牌溝通，探討適合當季裝備的好時機。是去買禮物。但現在絕對不是我們透過折扣來促進銷售的時候。

And as Caspar said before, our commitment to full price sales is first and foremost, the commitment to build the brand long term.

正如卡斯帕之前所說，我們對全價銷售的承諾，首先也是最重要的，是我們對品牌長期發展的承諾。

So when we look into Q4, we had a very strong start into October and into November. We spoke about China single days for yesterday 111 and we have seen incredible momentum in Tmall. Our traffic there has been up by more than 250%. And again, it's a full price environment. We achieved our apparel target much earlier than the end of 11/11.

所以當我們回顧第四季時，我們發現10月和11月開局非常強勁。我們昨天（111日）討論了中國單日銷售額，發現天貓的成長勢頭非常強勁。我們在該地區的流量增加了250%以上。而且，這仍然是全價環境。我們比11月11日結束的時間提早很多就完成了服裝銷售目標。

And if we're looking into Americas, we had a very strong holiday season last year and we are now expecting that region to be in line or even slightly accelerated in terms of growth compared to what we had seen in Q3. So there's a lot of momentum on a global level.

如果我們看看美洲地區，去年假期季節的業績非常強勁，我們現在預計該地區的成長將與第三季相比持平，甚至略有加速。因此，在全球範圍內，這股勢頭非常強勁。

Great. Thank you very much.

偉大的。非常感謝。

Aubrey Tianello, BNP Paribas.

奧布里·蒂亞內洛，法國巴黎銀行。

Hey, thanks for taking the questions. I wanted to ask about profitability. Your EBITDA margin guidance for this year puts you a year ahead of schedule versus your 2026 target. How should we be thinking about the progression of EBITDA margin longer term now that you're surpassing some of these targets, especially, Martin, with your comment that there's structural improvement on the distribution expense line. Thanks.

嘿，謝謝你回答這些問題。我想問一下獲利情況。您今年的 EBITDA 利潤率預期比您 2026 年的目標提前了一年。既然你們已經超越了其中一些目標，特別是馬丁，你提到分銷費用方面出現了結構性改善，那麼我們應該如何看待 EBITDA 利潤率的長期發展呢？謝謝。

Yes. I think -- it's always important to recall the philosophy that we have when it comes to managing our business around profitability. So for us, it's a person for most about investing into the business, investing into long-term growth, which means investing into brand building, into building capabilities, the team technology. And, at the same time, drive additional profitability year-by-year. And we keep on doing this unless there is a moment where ourselves just exceeds expectations, and we can't invest into the business in a meaningful way.

是的。我認為－在圍繞獲利能力管理業務時，始終牢記我們的理念非常重要。所以對我們來說，最重要的是投資業務，投資長期成長，這意味著投資品牌建立、能力建立和團隊技術。同時，逐年提高獲利能力。除非我們自身表現超出預期，否則我們將繼續這樣做，而無法以有意義的方式投資於業務。

And this is a bit what we have seen now in Q3, we were really sales came in much stronger than expected and has driven together with a strong gross profit margin, a high profitability.

而這正是我們在第三季所看到的，銷售額遠超預期，伴隨著強勁的毛利率和高獲利能力。

So our philosophy of approaching that profitable growth has not changed. And so we will approach next year very much with the same mindset. So how can we invest into the brand? How can we maybe accelerate some of the trends that we are having that will continue to drive growth well beyond 26%. Given the fact that we have a stronger gross profit, we have a solid sales outlook, and we have an improved distribution line.

因此，我們實現獲利成長的理念並沒有改變。因此，我們將以同樣的態度迎接明年。那我們該如何投資這個品牌呢？我們如何加速一些正在出現的趨勢，使成長速度遠遠超過 26%？鑑於我們擁有更強勁的毛利、穩健的銷售前景以及改進的分銷管道。

And at the same time, how can we drive profitability beyond the outlook that we gave three years ago. So this is the mindset that we are approaching '26 first and then we'll give a precise outlook in March.

同時，我們如何才能實現比三年前預期更高的獲利能力？所以，我們採取的策略是先著眼於 2026 年，然後在 3 月給予更具體的展望。

Very helpful thank you.

非常感謝，很有幫助。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

Thanks very much. You touched on the opportunity with the younger consumer. Can you expand on that? Like what do you define as a young consumer? And how big is that business today? And then can you unpack your go-to-market strategy to acquire these consumers as we think about categories and geographies?

非常感謝。您提到了年輕消費者群體帶來的機會。能詳細解釋一下嗎？你如何定義年輕消費者？如今這家企業的規模有多大？那麼，在考慮品類和地理的情況下，您能否詳細說明您獲取這些消費者的市場進入策略？

Yes. So we entered the space with running and the running categories is typically a bit older. At the same time, we entered the running category with an entry prevention technology, which made it even older, right? And so really over the last, I would say, about six, seven years, we have gained a lot of traction with the young consumers. The -- working with generational talent like Zalando has, of course, helped a lot.

是的。所以我們以跑步為切入點，而跑步類別的人通常年齡稍大。同時，我們憑藉防盜技術進入了跑步領域，這豈不是讓它顯得更老了嗎？因此，在過去的六、七年裡，我們確實在年輕消費者中獲得了極大的關注。與 Zalando 這樣的新一代人才合作，當然大有裨益。

And you've seen recently, we started a collaboration with [Bernard Boy], to add something more on the -- something that is appealing to male teens as well. So if you're going across high school in the US, especially in a more affluent neighborhood, you'll see the cool kids wearing one, right? That's a relatively new phenom. That's not something we're chasing. It's not that we depend on the market. But it's, of course, very inspiring that we were able to connect to this younger target group.

最近你們也看到了，我們開始與 [Bernard Boy] 合作，為產品增添一些東西——一些對青少年男性也有吸引力的東西。所以，如果你在美國的高中裡走走，尤其是在比較富裕的社區，你會看到很酷的孩子戴著它，對吧？那是一種相對較新的現象。那不是我們追求的目標。並不是說我們依賴市場。當然，能夠與這個年輕的目標群體建立聯繫，這非常令人鼓舞。

And this start gives us a very long -- very strong LTV. You may have also seen that we have launched a kids line. That is going phenomenally well. It's really hard to keep it in stock. Of course, for the small children, it's the moms and dads buying the product. So we basically leveraging that appeal. But then we have also a kids line, so basically young teams, where we are also seeing very, very strong results.

這樣的開局讓我們擁有了非常長、非常強勁的客戶終身價值。您可能也已經注意到，我們推出了童裝系列。進展非常順利。這款產品很難保持庫存充足。當然，對於小孩子來說，是爸爸媽媽在購買產品。所以，我們基本上是在利用這種吸引力。但我們也有兒童產品線，基本上是年輕團隊的產品，我們也看到了非常非常強勁的成績。

Thank you.

謝謝。

And that concludes our question-and-answer session for today and also the conclusion of our session. Thank you so much for attending today's call. You may now disconnect. Goodbye.

今天的問答環節到此結束，本次會議也到此結束。非常感謝您參加今天的電話會議。您現在可以斷開連線了。再見。